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hammer [34]
3 years ago
11

For each of the following item below, indicate to which category of elements of financial statements it belongs.

Business
1 answer:
sergiy2304 [10]3 years ago
7 0

Answer:

Explanation:

As we know that

The statement of stockholder's equity includes common stock and retained earnings.

The net income is a difference between the total revenues and total expenses

The assets, liabilities and stockholders ' equity are reported in the balance sheet

So, the categorization is shown below:

a. Retained earnings = Equity

b. Sales = Revenues and shown in the income statement

c. Additional paid-in capital = Equity

d. Inventory = Current assets

e. Depreciation = Expense and shown in the income statement

f. Loss on Sale of equipment = Losses

g. Interest payable = Current liabilities

h. Dividends = Shown in the retained earning statement in a negative amount

i. Gain on sale of investment = Gains

j. Issuance of common stock = Owners investment

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8 0
3 years ago
Morganton Company makes one product and it provided the following information to help prepare the master budget for its four mon
Ipatiy [6.2K]

Answer:

Morganton Company

1. Budgeting increases effective financial management while ensuring proper allocation of scarce resources.  It encourages planning for the future as well as improved business decisions.  It helps management to identify problems before they occur and to develop strategies for solving any problems that may arise.  With budgeting, the organization is in a better position to monitor its overall performance and ensure the achievement of its goals and objectives.  Finally, budgeting increases the motivation to achieve goals for both the management and individual employees.

2. The budgeted sales for July are $10,000.

3. The expected cash collections for July are $9,040.

4. The accounts receivable balance at the end of July are $6,000.

5. According to the production budget, the units produced in July are 1,040 units.

Explanation:

a) Data and Calculations:

Budgeted selling price per unit = $70

                                      June      July       August    September  

Budgeted unit sales     8,400   10,000    12,000       13,000

Cash Collections:

40% month of sale      3,360     4,000      4,800        5,200

60% month following                5,040      6,000        7,200

Total cash collections 3,360     9,040    10,800       12,400

Production costs:

                                      June      July    August    September

Ending Inventory        2,000     2,400     2,600

Cost of goods sold     8,400   10,000    12,000       13,000

Goods available        10,400   12,400    14,600

Beginning Inventory   1,680    2,000      2,400         2,600

Production costs        8,720   10,400    12,200

Unit cost of materials $10         $10          $10   ($2 * 5)

Units produced            872      1,040      1,220

Accounts receivable balance at July end:

June credit sales      $8,400

June cash collection  3,360

July 1 Beginning bal.  5,040

July credit sales       10,000

Cash collections       9,040

Ending balance        6,000

4 0
3 years ago
Maidenform Brands is a global intimate apparel company that designs, sources, and markets intimate apparel products under the Ma
Sedaia [141]

Maidenform and its major brands have strong brand equity.

Explanation:

Brand stocks refer to the added value of a single company for the same commodity. This renders one substance better than others. Brand loyalty renders a company better or worse than other brands.

Apple: Apple's market share best example.

Brand equity includes three basic components: the understanding of customers, negative or beneficial consequences and the resultant valuation.

Name equity funds also operate in the same market or field.

8 0
3 years ago
A copy machine cost when new and has accumulated depreciation of . Suppose discards this machine and receives nothing. What is t
Anna [14]

Answer:

$1,000 loss

Explanation:

The numbers are missing here, so I looked for a similar question:

A copy machine cost $5,000 when new and has accumulated depreciation of $4,000.

The carrying value of the copy machine = purchase cost - accumulated depreciation = $5,000 - $4,000 = $1,000

if the copy machine is discarded and doesn't get any money for it, this will result in a loss equal to the carrying value = $1,000

7 0
3 years ago
A furnace repair team services a design capacity of 6 furnaces per day with an effective capacity of 5 furnaces per day. What is
VashaNatasha [74]

Answer:

66.7%

Explanation:

Given that,

Design capacity = 6 furnaces per day

Effective capacity = 5 furnaces per day

Efficiency ratio if it repairs an average of 4 furnaces per day:

= (Actual capacity ÷ Possible capacity) × 100

= (4 per day ÷ 6 per day) × 100

= 0.667 × 100

= 66.7%

Therefore, the efficiency ratio is 66.7 percent.

6 0
3 years ago
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